Whats Next After Injectives INJ Soars 16 Following Upbit Listing

CoinNess reported:
INJ has grown at a double-digit rate after listing on Upbit.
Will this update help INJ break its downward trend?
On October 17th,
Injector [INJ]
Immediately after listing on Upbit, South Korea’s largest cryptocurrency exchange, it experienced a 16% crazy surge,
Announcing
Its listing on the platform. The token soared from $20 to $23, partly due to a significant increase in daily trading volume of 112%.
Although the pump has slightly weakened as of the time of writing, considering the impact of Upbit’s listing on the world of MEW, this listing is crucial.
In the long run, MEW was launched in March and listed on multiple exchanges such as Bybit and OKX.
However, Upbit’s listing in September triggered a frenzy for cat-themed meme coins.
The explosive event occurred because the exchange is South Korea’s largest cryptocurrency trading platform. So the question is – will INJ follow in the footsteps of MEW?
Will the upward trend continue?
Whether INJ’s upward trend will continue after listing remains to be seen. However, the price movement after the update was triggered by futures market speculators, not the spot market.
According to data from Coinalyze, Binance added more than 15 million open INJ contracts.
This means that explosive rebounds were led by leverage traders due to low spot demand, as indicated by the low point CVD (cumulative volume delta).
In the context, CVD measures the buying and selling volume of an exchange, with a decrease indicating dominance of selling volume (sellers).
On higher timeframe charts, the pump on Thursday strengthened INJ’s bullish market structure. Especially in October, it has set higher lows and highs.
The rebound touched the upper range of the downward channel (yellow). However, this pump did not decisively break the downtrend structure.
Although INJ may experience breakouts, it has been facing massive capital outflows from the market since late September.
The southbound Chaikin money flow (CMF) indicates this. Low capital inflows may delay the prospect of a breakthrough.
However, at the time of writing, INJ is defending itself with the 50-day moving average as support and may attempt to rise again from this level.
If so, $24 or $28 may be the next targets, especially if the bullish momentum continues in the coming days.
However, it is worth noting that smart money on Binance is net long on the token, with a 55% position betting on the price increase of INJ.